New York, NY (PRWEB) August 11, 2014
The Information Governance Initiative today announced the publication of the first comprehensive analysis of the information governance industry. The report advances an authoritative definition of information governance (IG) and its core concepts; identifies the products and services that organizations are buying and the projects they are doing; and provides operational tools and insights that IG practitioners can start using today.
Along with the report, which is publicly available at no cost, the Information Governance Initiative (IGI) has published sixteen high-quality Creative Commons-licensed infographics that IG practitioners can take and use as they build their IG programs.
The IGI Annual Report 2014 and related infographics are available for download now at: http://www.iginitiative.com/community (registration required).
“This report is a huge step in fulfilling our mission of advancing the adoption of IG,” said Barclay T. Blair, executive director and founder of the Information Governance Initiative. “Our report provides deep insight – backed by our community of practitioners – on the concepts, the market, and the work of IG. Take it and put it to work.”
“The practical insights offered in IGI’s seminal report will prove invaluable to the practitioner who is running an IG program or trying to get one off the ground,” said Leigh Isaacs, director, records & information governance, Orrick, Herrington & Sutcliffe LLP and a member of the IGI Advisory Board. “If you are an IG practitioner, get a copy and read it today.”
Key findings of the IGI Annual Report include:
- IG Defined. Our community is in near-complete agreement (93%) that we have advanced an authoritative definition of IG: “Information governance is the activities and technologies that organizations employ to maximize the value of their information while minimizing associated risks and costs.”
- We Need CIGOs. Organizations with complex information environments should appoint a Chief Information Governance Officer (CIGO). Leading organizations are already developing the CIGO role. The CIGO is essential, given the lack of current IG leadership, with only 28 percent of organizations currently delegating overall accountability for IG to a specific individual.
- Not Just Risk. 92 percent told us that risk and value are equal partners in IG, and most practitioners told us that quantifying the financial benefits of IG was essential to IG success at their organizations. 91 percent of providers said the same thing when it comes to selling IG products and services. The most popular models for doing this are Return on Investment (ROI) and Total Cost of Ownership (TCO).
- The Market is Growing. Practitioners and providers have similar expectations for how IG money will flow in 2015. 75 percent of practitioners project an increase in 2015 IG spending, and 83 percent of providers project a revenue increase. Similarly, 59 percent of practitioners predict 10-20 percent growth in 2015 IG spending compared to 50 percent of providers predicting the same revenue growth.
- Money is Flowing. Nearly half of surveyed practitioners say they buy new technology in the first year of an IG program. On average, small-to-mid-sized businesses (SMBs, i.e., under 5,000 employees) have four IG projects under way, and large organizations (over 5,000 employees) have six. And they are spending money on these projects, with practitioners at SMBs telling us they spend an average of $330,000 USD per project (on products, services, and staff), and practitioners at large organizations spending more than $2,000,000 USD per project.
- We Need More Speed. We need to speed up IG projects. Most organizations have immature decision structures for IG, a fact reflected in how long it takes to get a project started. 58 percent of practitioners told us it takes twelve months or more from the time an IG project is first conceptualized to the time that money and people are allocated and the project begins. Greater clarity about IG and its leadership, goals, and operational models will speed up IG projects.
“The IGI Report provides some of the clarity sorely needed today in the IG space,” said Vicki Lee Clewes, a member of the IGI advisory board. “By offering a strongly supported definition of IG and by mapping the outer contours of the IG market and the work practitioners are undertaking, the report lays a strong foundation upon which the IG community can now build.”
About the Information Governance Initiative:
The Information Governance Initiative is a cross-disciplinary consortium and think tank dedicated to advancing the adoption of information governance practices and technologies through research, publishing, advocacy, and peer-to-peer networking. Join us at http://www.iginitiative.com.